Monthly Paychecks Rise $130.76 After Tax Plan Changes

February 22, 2018CrainMedia

Americans’ monthly paychecks have increased by an average of $130.76 in February due to the new 2018 tax plan changes, according to LendEDU’s newest survey. As a result, Americans are largely supportive of the plan and more financially confident.

As a result of the Tax Cuts and Jobs Act of 2017, the federal tax withholding tables changed on Jan. 11, 2018. As it was widely reported, the Department of the Treasury estimated that 90 percent of Americans who get a paycheck are likely to see more in take-home pay as a result.

The bill was signed into law by President Trump on Dec. 22, 2017, and employers were asked to start using the new withholding tables no later than Feb. 15, 2018. Most Americans started to see the impact of the new tax plan in their paychecks starting on Feb. 1. MORE